Acquisition handy for Gibbs and Dandy
Luton-based builder's merchant, Gibbs and Dandy has paid £1m for single-branch timber merchant, Leicestershire-based Carson Fletcher Timber, despite reporting a nine per cent drops in profits for the year to March after operating in what the company called a "far from easy" trading environment.
The acquisition, which brings the total number of the firm's branches to eleven, will see Gibbs and Dandy pay an initial cash consideration of £1m, plus an additional amount, not exceeding £373k for Carson Fletcher's net assets.
The firm, which turned over £1.87m for the year to January, will further add to Gibb's three existing branches in the South Midlands.
Shares in the firm remain unchanged at 395p.